The demand curve for a monopolistically competitive firm is downward sloping because there is a full or advanced degree of the powerfulness in the market.
<h3>What is the shape of demand curve of the monopolistically competitive firm?</h3>
A downward sloping demand curve characterizes a monopolistically competitive corporation because there is a lot of power in the market.
This curve signaled that the business firm has extraordinary market power. As each firm offers a unique product, market dominance is derived from product differentiation.
Therefore, the demand curve of monopolistically competitive market is downward sloping.
To learn more about the demand curve, refer to:
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Answer:
contribution margin ratio= 0.4
Explanation:
Giving the following information:
Selling price per unit= $20
Unitary variable cost= $12
<u>To calculate the contribution margin ratio, we need to use the following formula:</u>
contribution margin ratio= (selling price - unitary variable cost) / selling price
contribution margin ratio= (20 - 12) / 20
contribution margin ratio= 0.4
Answer:
2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
Explanation:
Scarcity in economics means the resources available to meet man's needs are limited or scarce.
In brett's case, land is limited, so he has to choose between planting soybeans and corn.
I hope my answer helps you
Answer:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
1395
Cr. FICA- Medicare taxes payable:
326.25
Cr. SUTA-State unemployment taxes payable:
1215
Cr. FUTA- Federal unemployment taxes payable: 135
Explanation:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
(6.2%×$2,250) 1395
Cr. FICA- Medicare taxes payable:
(1.45%×$2,250) 326.25
Cr. SUTA-State unemployment taxes payable:
(5.4$×$2,250) 1215
Cr. FUTA- Federal unemployment taxes payable: (0.6%×$2,250) 135
